Here is my painting process for the Red Riding Hood illustration. I usually work this way with some variation depending on the client. I also went through a long process of getting the drawing just right but I didn't keep enough of the old sketches to show. The sketching/drawing sometimes takes the longest amount of time. I also use a bunch of wolf, tree, forest, mood and lighting, girl, and poppy reference.
I try not to get too tight with the final drawing. I don't like it when it feels like I am coloring a grayscale drawing (like coloring and black and white photo). It ends up turning out a little different then the sketch but I have more fun painting.
I also try to keep my layers organized but sometimes the last layer is a touch up everything layer. :)
Also here are some detail shots. I am trying not to be to tight with everything and leave some brush strokes.